Type:
Bearish Dip
Key Levels:
Resistance: 103.78
Pivot: 95.09
Support: 93.51
Preferred Case:
Prices have approached a pivot. We see the potential for a bounce from our pivot at 95.09 which is a graphical overlap and in line with 127.2% Fibonacci extension towards our 1st resistance at 103.78 in line with 127.2% Fibonacci Projection .
Alternative Scenario:
Alternatively, price may break our pivot structure and head for 1st support at 93.51 in line with 161.8% Fibonacci projection.
Fundamentals:
With ongoing inflation and war tension, we will expect more bullish upside with the commodity.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.